Broadridge Completes $300m Acquisition of RPM Technologies

Broadridge Financial Solutions announced on Monday that it has completed its Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of RPM Technologies, a Toronto-based provider of enterprise wealth management software solutions and services.

The financial services giant first announced the deal last month, and it seems that it has already gone through.

Broadridge is going to pay $300 million to acquire RPM Technologies. Though there were several sellers, Bayshore Capital - a Canadian real estate, financial services, and technology private equity firm - was RPM Technologies’ biggest shareholder.

When justifying its latest acquisition’s hefty price tag, Broadridge’s management cited a desire to expand its set of products and its North American service offering.

“The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada,” said Tom Carey, president of global technology and operations at Broadridge, when the acquisition was announced.

“We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment underscores our commitment to bring value-added technology solutions to the industry, and it supports our longer-term strategy of building a strong North American wealth business.”

A lot of clients and a lot of cash

The “client roster” that Carey referenced helps support approximately 15 million customer accounts for firms across the globe. Those people are retail banking clients for major Canadian banks, as well as some wealth management firms.

According to a statement released by RPM Technologies last month, the firm’s services currently control around 650 billion Canadian dollars ($490 billion) in assets.